Participated · Series C · Mar 2026

MustBio develops next-generation immuno-oncology therapies using a multi-antibody platform called BICSTA and a tumor-selective immunocytokine platform called STARKINE. The company is advancing a portfolio of tri-specific fusion immuno-oncology candidates, with lead programs including MB5 (an IL-2–based therapeutic in clinical development) and MB7 (an IL-21–based program in R&D). Since its founding in 2021, MustBio has raised a total of 635억원 across prior rounds and the recent Series C. The firm has entered collaboration and licensing arrangements with Celltrion and was selected for JLABS Korea and the Seoul BioHub open innovation programs. Proceeds from the Series C are earmarked to accelerate MB5 clinical work, advance MB7 R&D, expand the pipeline, and support global business development and potential technology licensing. Management has stated plans to pursue additional tri-specific antibody R&D and broaden global partnerships.

Participated · Series A · Dec 2025

Founded in 2023 and headquartered in Seoul, Sionic AI develops AI-based enterprise software tailored to the stringent security and regulatory requirements of banks and large enterprises. Its flagship Storm Platform lets customers create no-code AI agents, automatically parse unstructured data, employ high-precision retrieval-augmented generation (RAG), and govern sensitive information. By lowering technical barriers, the company aims to make advanced AI broadly accessible across industries. The fresh capital gives Sionic AI a total of ₩25 billion ($18.1 million) raised to date and positions it to deepen product capabilities and scale go-to-market efforts. Management plans to hire additional AI experts and expand geographically into Japan and Southeast Asia. Although revenue and user numbers were not disclosed, the company is still in its early commercial phase, focusing on platform enhancement and market entry. Its long-term vision is to become a foundational enterprise AI infrastructure provider throughout Asia.

Participated · Equity · Oct 2024

AIGEN Sciences is an AI-driven drug discovery platform that develops small-molecule synthetic drugs targeting intractable diseases with high unmet medical needs. Founded in April 2021 and based in Seoul, the company provides drug research and development services using a proprietary AI platform. Its pipeline includes multiple lead substance optimizations and preclinical candidates. AIGEN aims to advance state-of-the-art AI drug discovery technologies and to transform high-cost, low-efficiency drug discovery into faster, more efficient processes. The company will use the funding to enhance its drug development capabilities and accelerate growth.

Participated · Series B · Jun 2024

Xpanner’s flagship X1 Kit retrofits customers’ existing construction machines with hardware and software that enable autonomous operation, allowing task-specific automation licenses for piling, material handling, trenching and grading. The company sells automation through an AaaS (Automation-as-a-Service) subscription model while some customers remain on a perpetual modular model that pairs one-time X1 Kit purchases with software. Customers include Mortenson, Black & Veatch, and QCells. Originally founded in South Korea in 2020, Xpanner moved its headquarters to Santa Fe Springs, California in 2023. The company reported revenue growth from $3 million in 2023 to $7 million in 2024 and $21 million in 2025, with $8 million in revenue and $1 million in EBIT in Q1 2026, and it is targeting $60 million in ARR by year-end while maintaining gross margins above 80%. Xpanner achieved monthly break-even in 2025 and is on track for full-year profitability, and it is expanding product development and into adjacent construction verticals.

Participated · Series A · Apr 2024

Dalpa is a B2B AI startup focused on improving AI experience (AX) by developing customized AI solutions for enterprises. The company has internally developed over 100 AI solutions for industries including e‑commerce, fashion & beauty, marketing, and content. It has worked with more than 150 companies, including large corporates such as KT Commerce, LG Uplus and CJ OliveNetworks, and startups like MyRealTrip, Enrise and MakeUs, delivering measurable productivity gains. Customers report outcomes such as a 30% increase in purchase conversion, over 70% reduction in manual work, and roughly halving outsourcing costs. Dalpa plans to launch a new SaaS offering that provides end‑to‑end AI adoption (data connection, preprocessing, training, inference, feedback and aftercare) and to build an internal AI block‑assembly tool to automate customization. The company also plans aggressive hiring to boost AI capabilities and to prepare for overseas expansion.